MUSQ vs. GSG
MUSQ (MUSQ Global Music Industry Index ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - MUSQ is a Communications Equities fund tracking the MUSQ Global Music Industry Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 3 years, MUSQ returned 0.49%/yr vs 15.32%/yr for GSG. At a 0.03 correlation, their price movements are largely independent. MUSQ charges 0.76%/yr vs 0.75%/yr for GSG.
Performance
MUSQ vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, MUSQ achieves a -9.48% return, which is significantly lower than GSG's 33.95% return.
MUSQ
- 1D
- 0.00%
- 1M
- 0.16%
- 6M
- -8.41%
- YTD
- -9.48%
- 1Y
- -10.46%
- 3Y*
- 0.49%
- 5Y*
- —
- 10Y*
- —
GSG
- 1D
- -0.93%
- 1M
- 4.15%
- 6M
- 29.74%
- YTD
- 33.95%
- 1Y
- 37.41%
- 3Y*
- 15.32%
- 5Y*
- 14.20%
- 10Y*
- 7.61%
MUSQ vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
MUSQ MUSQ Global Music Industry Index ETF | -9.48% | 19.60% | -4.94% | 0.81% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 33.95% | 5.93% | 8.52% | 1.88% |
Correlation
The correlation between MUSQ and GSG is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Jul 7, 2023 | 0.03 |
The correlation between MUSQ and GSG shifts across timeframes, from -0.11 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MUSQ vs. GSG — Risk / Return Rank
MUSQ
GSG
MUSQ vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MUSQ Global Music Industry Index ETF (MUSQ) and iShares S&P GSCI Commodity-Indexed Trust (GSG). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| MUSQ | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.20 | ||
| Sortino ratioReturn per unit of downside risk | -2.95 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.29 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.45 | 2.00 | -2.45 |
| Martin ratioReturn relative to average drawdown | -0.96 | 6.66 | -7.62 |
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Drawdowns
MUSQ vs. GSG - Drawdown Comparison
The maximum MUSQ drawdown since its inception was -23.11%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for MUSQ and GSG.
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Drawdown Indicators
| MUSQ | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.11% | -89.62% | +66.51% |
Max Drawdown (1Y)Largest decline over 1 year | -23.11% | -18.81% | -4.30% |
Max Drawdown (3Y)Largest decline over 3 years | -23.11% | -18.81% | -4.30% |
Max Drawdown (5Y)Largest decline over 5 years | — | -29.12% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.64% | — |
Current DrawdownCurrent decline from peak | -15.55% | -59.56% | +44.01% |
Average DrawdownAverage peak-to-trough decline | -6.95% | -63.68% | +56.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.94% | 5.63% | +5.31% |
Volatility
MUSQ vs. GSG - Volatility Comparison
The current volatility for MUSQ Global Music Industry Index ETF (MUSQ) is 4.85%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.17%. This indicates that MUSQ experiences smaller price fluctuations and is considered to be less risky than GSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MUSQ | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.85% | 7.17% | -2.32% |
Volatility (6M)Calculated over the trailing 6-month period | 14.18% | 21.54% | -7.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.41% | 23.48% | -6.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.88% | 22.80% | -4.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.88% | 22.00% | -4.12% |
MUSQ vs. GSG - Expense Ratio Comparison
MUSQ has a 0.76% expense ratio, which is higher than GSG's 0.75% expense ratio.
Dividends
MUSQ vs. GSG - Dividend Comparison
MUSQ's dividend yield for the trailing twelve months is around 0.70%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% |
MUSQ MUSQ Global Music Industry Index ETF | 0.70% | 0.63% | 1.08% | 0.74% |
Frequently Asked Questions
MUSQ and GSG have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (7.17%) compared to MUSQ (4.85%). In terms of maximum drawdown, MUSQ dropped -23.11% vs GSG's -89.62%.
On 3-year performance, GSG leads with 15.32% vs 0.49% for MUSQ. On fees, GSG is cheaper at 0.75% per year. On volatility, MUSQ has been the lower-risk option at 4.85%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GSG has performed better with a 15.32% return vs 0.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSG is cheaper with a 0.75% expense ratio, compared with 0.76% for MUSQ.
MUSQ has the higher dividend yield at 0.70%, compared with 0.00% for GSG.
MUSQ is categorized as Communications Equities, while GSG is Commodities. MUSQ tracks MUSQ Global Music Industry Index, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: Exchange Traded Concepts and iShares. Their fees differ too: 0.76% for MUSQ and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.60 vs -0.60), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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